furrer r



E. C. FURRER Feb. 21-, 1933.

ICATING MARKET QUOTATIONS DEVICE FOR IND Original Filed Oct. 20. 1924 5Sheets-Sheet INVENTOR Emery C-lizrrer a/ d a I ki l ATTORNEYS Feb.21,1933. E. c. FURRER Re. 18,746

DEVICE FOR INDICATING MARKET QUOTATIONS Original Filed Oct. 20. 1924 3Sheec.s-Shee+- 2 INVENTOR Zine/1y (ZFzrren a mA Mrh-f ATTO R N EYS E. c.FURRER Re. 18,746

3 Sheets-Sheet 3 INVENTOR w W m y DEVICE FOR INDICATING MARKETQUOTATIONS Original Filed Oct. 20 1924 Feb. 21, 1933.

000 O O 00 O O 0 000000 00000 00000 K 0000 00000 000000 00000 00000Reissued Feb. 21, 1933 UNITED STATES PATENT OFFICE EMERY C. FURRER, OFCHICAGO, ILLINOIS, ASSIGNOR, BY MESNEASSIGNMENTS, TO

THE TELEREGISTER CORPORATION, OF NEW YORK, N. Y., A CORPORATION OF DELA-WARE DEVICE FOR INDIGATING MARKET QUOTATIONS Original No. 1,788,100,dated January 6, 1931, Serial No. 744,793, filed October 20, 1924.Application for reissue filed March 8, 1932.

My invention relates to improvements in devices for indicating marketquotations, and it consists in the combinations, constructions, andarrangements herein described. and claimed.

An object of my invention is to provide a device of the type describedin which a moving tape is employed which is caused to move across astationary display board, and upon which stock quotations, and notationspertaining to stocks are imprinted as the tape moves upon the face ofthe board.

A further object of my invention is to provide a device of the typedescribed by means of which the broker and his clientele may observe ata glance the relative fluctuations in stock values of any predetermineddenomination or specie without the necessity of handling a relativelylong tape, bearing miscellaneous notations of various stocks side byside, and which easily becomes entangled so as to make it diflicult forthe observer to quickly ascertain the condition of the market as to someparticular stock.

A further object of my invention is to provide a device of the typedescribed which does awa with the necessity of a blackboard and empoyment of men or boys to make notations thereon. With my improved devicefor indicating market quotations, all persons in the room in which thedevice is installed may observe the notations thereon just as quickly ascommunicated fromthe transmitting station at one time.

A further object of my invention is to provide a device of the typedescribed in which particularly novel means is employed for imprintingthe notations on the tape and for moving the tape as the printing isaccomplished.

A further object of my invention is to provide a device of the typedescribed that is extremely simple to operate and which does notnecessitate the employment of a skilled operator.

A further object of my invention is to provide a device of the typedescribed that is compact in form and which is thoroughly practical forthe purpose intended.

Other objects and advantages will appear Serial 1W0.v 597,605.

in the following specification,- and the novel features of the inventionwill be particularly pointed out in the appended claims.

My invention is illustrated in the accompanying drawings forming part ofthis application, in which I Figure 1 is a diagrammatic view showing theelectrical circuits employed in the transmitting mechanism, and indiagrammatic form the essential elements of the transmitting apparatus;

Fig. 2 is a diagramatic view showing a portion of the electrical circuitfor operating the receiving mechanism with the essential instruments ofthe receiving mechanism shown diagrammatically;

Fig. 3 is a diagrammatic view showing the electrical connections of aportion of the receiving mechanism associated with the moving tapes, andessential instruments of the mechanism shown diagrammatically;

Fig. 4 is a front elevation of a stationary display board with themoving tapes in position;

' Fig. 5 is a sectional view along the line 55 of Fig. 4:;

Fig. 6 is a top plan view ofa portion of the tape actuating mechanismwith a part of the type chain in section;

Fig. 7 is a view along the line 7-7 of Fig. 6, illustrating the type ofchain; and

Fig. 8 shows a portion of a selector key board; p i

In carrying out my invention I employ a transmitting apparatus havingtwo distinct circuits which I shall refer to from time to time as theselector circuit and the type circuit. The mechanism in the electricalconnections employed in the transmitting apparatus is fully disclosed inFig. 1 and for the purpose of clearness and brevity in description,only-the essential mechanical elements are shown. The transmittingstation is located preferably in a central ofiice, as near the stockmarket or exchange as possible, where an operator, having intimateknowledge of the activity in the market may immedately upon notice ofchanges in stock values and news of interest to the broker, actuate akeyboard,

certain keys of which, for the purpose of illustration, are shown inFig. 1, whereupon electrical impulses are set up, in conducting linesconnected with suitable receiving mechanism for the purpose of actuatinga moving tape in each of the several receiving stations, and foroperating simultaneously printing mechanism for imprinting the message,

ment wheels S5 and S6, each of which carries a brush 54 and 55 incontact with a stationary commutator. A longer flow of current unlocksthe wheels. When unlocked, each flow of current in one direction rotatesonewheel so its brush moves from one segment to the next of itsstationary commutator; each flow of current in the opposite directionrotates-the other wheel so its brush moves from segment to segment ofits stationary commutator.

The polarized magnet PM9 actuating the platen" 61 for each stock tape isconnected in a local circuit between a segment of one stationarycommutator and a segment of the other; the brushes are connected toopposite terminals of a battery BT. Thus when the switch W6 is closed, aprinting platen is going to print upon its tape, and it depends uponwhat two commutator segments are in contact with the brushes, as towhich tape is printed upon.

The type circuit, through an escapement wheel S7 and shafts, controlsthe movements of the type chain (see Figs. 6, 7 and 2). A longer flow ofcurrent unlocks the escapement wheel. Alternating current allows thetype chain to move step by step until the desired character is oppositethe desired tape. Then a longer flow of current throws the switch W6,and the character is printed upon the tape.

' The transmitting apparatus is so arranged as to send the requiredpulses of current over the two main circuits. From generators. D1 and D2(see Fig. 1), current is sent alternately in opposite directions,through the revolving commutator A1, over the mainselector circuit. Thecommutator may be locked against rotation to allow a longer flow ofcurrent. When the desired number of pulses of current has been sent fromeither generator, a switch is automatically opened to prevent furtherflow of current from this generator.

In a similar way, current is sent from D1 and D2 through A2 over thetype circuit. Polarized magnet PM8 can stop A2 through escapement wheelS2 to allow a longer flow of current. A2 revolves until brush 9 on theleft brush wheel F comes into contact with the segment of the stationarycommutator F1, which is connected with a depressed type key TK. Then A2is stopped, and the character represented by the TK key is printed uponthe tape represented by, say, the key SK. If it is desired to.print'this same character upon the next lower tape, then A2 and thetype chain would have to revolve one more notch. This additionalrotation is provided for by connecting the SK key, representing the nexttape in circuit with the second brush wheel F, whose brush 9 is onenotch behind the brush for the first wheel. The third ta-pes SK keywould be connected to the third brush wheel to allow for one additionalnotch of rotation. In

tracing the circuit and the relation of the several elements of thetransmitting instruments to one another, I shall describe the operationof the mechanism from'the first step in energizing the circuits to thefinal of the series of impulses which completes a cycle in the operationof the transmitting apparatus.

The operator first starts the motor M1 which is preferably an electricmotor deriving current from a source 3. Theoperation of the motor M1rotates shafts 4 and 5 by means of friction belts 6.

The shafts 4 and 5 are connected with shafts 4 and 5 respectively,through friction clutches C1 and C2 respectively, so that if the shafts4 and 5 are not locked by some extraneous means they will rotate. Theshaft 4' carries a commutator A1 thereupon having alternating segmentsinsulated from 1 one another, and each so disposed as to extend overtwo-thirds of the width of the commutator from alternate sides. Anescapement wheel S1 is also fixed to the shaft 4 so as to turntherewith. This escapement wheel S1 serves to stop or permit rotation ofthe shaft 4., depending upon the position of its locking means.

The shaft 5 carries a commutator A2 similar to the commutator A1thereupon, and an escapement' wheel S2 similar to the escape ment wheelS1.

Twenty-six brush wheels F are carried by the shaft 5 at the outermostend thereof. Each of the brush wheels F has electrically connectedthereto a brush 9, extending laterally from the wheel and having theirends in a common plane. The brush wheels F are insulated from oneanother and have con tact surfaces on the peripheral edges thereof.

Under normal conditions, upon actuation of the motor M1 the escapementwheel S2 will be prevented from rotation, and consequently the shaft 5by means of an electrical lock mechanism generally indicated at L, whichconsists in a pivotal lever which lies V1. The closing of the switch 1permits,

current to flow from the direct current generators D1 and D2, throughfour circuits as follows:

Circuit No. 1: ground E1, generator D1, switch W1, switch W2, commutatorA1, magnet EMl, polarized magnet PMl, magnet EM2, polarized magnet PM2,main line 1;

Circuit No. 2: ground E1, generator D2, switch 71, switch WVS,commutator A1, magnet EMl, polarized magnet PMl, magnet EM2, polarizedmagnet PM2, main line 1;

I Circuit No. 3: ground E1, generator D1, switch W1, commutator A2, mainline 2; Circuit No. 4: ground E1, generatorD2, switch VVl, commutatorA2, main line 2.

It should be noted that the elements PMl and PM2 are polarized magnets,and PMl becomes effectively energized only when current from thegenerator D2 is passing through the circuit of which PMl is a part, andthat the element PM2 is a polarized magnet which becomes effectivelyenergized only when current from the generator D1 is passing through thecircuit of which PM2 is a part.

It should be further noted that current will flow through the abovecircuits at that time 1 which the commutators A1 or A2 are properly setto conduct current therethrough from the three conducting wires, two ofwhich form a part of each of the circuits.

Circuit No. 1 carries current from the gen erator D1 which flows onlywhen the switches l/Vl and V2 are closed, and the two brushes forming apart of the circuit are on the same segment of the commutator A1. 7

Circuit No. 2 carries current from the gen- 1 erator D2 which flows onlywhen the switches W1 and 1V3 are closed, and the two brushes forming apart of that circuit are on the same segment of the commutator A1. 7

The switches W2 and W3 are normally closed and are opened by theactuation of solenoids hereinafter described.

From Al to line 1, circuits No. 1 and 2 flow over the same conductor.The current in circuits No. 1 and 2 flows alternately over thisconductor, because the segments of the commutator A1 alternate. The rateof rotation of the commutator A1 and the thickness of its segments arearranged so that only enough current will flow in the circuits to causethe polarized electromagnet PMl and PM2 to pull their pivotally mountedarniatures 11 and 12 respectively toward the core ofthe magnets. Asdescribed, PMl is constructed so that current from the generator D2 willcause it to attract its armature, and

PM2 is constructed so that current only from the generator D1 willattract its armature.

A pawl 11 is associated with the armature 11, which serves to rotate anescapement wheel S3 upon deenergization of the magnet PMl, i. e., whenthe escapement wheel S3 is not locked by the locking lever armature L1.This lever armature normally lies in the path 01; a laterally extendinglug 14 carried by the escapement wheel S3. When the electromagnet EM1 isenergized, the arm lever L1 is drawn upwardly out of the path of the lug14 and the escapement wheel is free to rotate. S3 is normally locked inthis manner. The armature 12 has a pawl 12' carried thereby which is inengagement with an escapement wheel S4 identical in construction withthe escapement wheel S3 and having a laterally extending lug 15 similarto the lug 14: of the wheel S3. A lever armature L2 is normally in thepath of the lug 15 and thus serves to stop rotation of the escapementwheel St. lVhen the magnet EM2 is energized, however, the lever armatureis drawn upwardly and the escapement wheel is free to rotate. Theescapement wheel Set is normally locked against rotation. Referring nowto Fig. 2, I have shown a portion of the receiving instruments in theelectrical circuit employed therein. The receiving instruments consistin an electromagnet EM8, a lever armature L3, similar in constructionand function to thearmatures L1 and L2, an escapement wheel S5, having alaterally extending lug 20 for engaging with the lever armature L8 whennot actuated by its magnet coil, a polarized magnet PM3, a pivotallymounted armature 21 for the magnet PM3, and a pawl 21 carried by thearmature 21 for actuating the escapement wheel S5. I

The receiving instrument further consists in an electromagnet EM4, alever armature L 1, and a polarized magnet PML, an escapement wheel S6,an armature 22 for the magnet PlVM, and a pawl 22, carried by thearmature 22. The escapement wheel S6 also carries a laterally extendinglug 23 for en gaging with the lever arm L4. These members are eachidentical in construction with that portion of the receiving circuitjust clescribed, with the exception that the polarized magnet PM4 isarranged to actuate only EMZ, PM3, and

ISO

and S6 are normally locked by virtue of the armature levers L3 and L4respectively. The portion of the receiving circuit I have just describedis known as the selector circuit. This is one of thetwo principal partsof the receiving circuit. i

The other principal part is known as the type circuit and consistschiefly in an electromagnet EM5, an electromagnet PM5 having asubstantially horseshoe core- With apolarized armature 24 which ispermitted to oscillate between the opposite poles 25 and 26 of themagnet PM5, a solenoid EM6 used for the purpose of operating a switchplunger and a ground connection E6. An escapement wheel S7 is driven bymeans of a motor M2 through a friction clutch C3. Movement of theescapement wheel occurs only by an actuation of the armature 24, andtherefore by energization of the polarized magnet PM5.

The shaft 25' upon which an escapement wheel S7 is mounted also carriesa bevel gear 47 which is in mesh with a bevel gear 27 disposed upon ashaft 28 carrying a sprocket wheel 29, (see Fig. 6). An endless typechain 30 is arranged to pass over the sprocket wheel 29 andto be driventhereby. The chain 30 has type characters 31 set on the outer wallthereof, representing the twenty-six letters of the alphabet and otheruseful symbols. The operation of the type chain will be described morefully at a later time.

The escapement wheel S7 is normally locked by means of a lever armatureL5 resting against a lug 33 on the escapement wheel S7 similar tothelever armature L3 associatedwith the escapement wheel S5 and the leverL4 associated with the lever S6. The

magnet EM5 when energized, moves the lever forming a part of the circuitare on the same segment of the commutator A2- The circuit referred to asNo. 4:, and including the dynamo D2 will have current flowingtherethrough only when the switch W1 is closed and the two brushesforming a part of the circuit are on the same segment of the commutatorA2. However. under normal conditions the escapement S2 is locked by thelever armature L and this stops rotation of the commutator A2 so thatnone of the brushes associated therewith and forming a part of thecircuits 3 and 4 are on its segments. The rate of rotation of thecommutator A2 is regulated the same as that of A1.

The next step in the operation of my improved device for indicatingmarket quotathrough the same circuit o. 8, traced later,

with the first segment of F3, counting from the locked position of brush43. The second row of keys is in circuit withthe second segment of F3,the third row with the third'segment, etc.

Counting from the top, the first horizontal row of keys are allconnected through the same circuit No. 7, traced later, with the firstsegment of F2, counting from the locked position of brush 40. The secondrow of keys is in circuit with the second segment, the third with thethird segment, etc.

It will be obvious that the keyboard could be changed so there would beone key for each segment of F3 and one for each segment of F2, but inthis case two keys would have to be depressed, one to control F3 and oneto control F2, instead of one as in the case shown. For the purpose ofillustration we will assume that the selector key marked SK in Fig. 1 isthat key. When any key on the selector keyboard,'of which there are justas many there are strips on the display board hereinafter described,'ispressed, it is locked against further movement by means of a notchedportion 35 therein which engages with the sliding spring pressed lockplate 36. Vhen the lock plate 36 is mov'ed'to the left as shown in Fig.1, the key. may be released. Pressing any of the keys on the selectorkeyboard of which SK is one, current is permitted to flow through thefour different circuits as follows:

Circuit No. 5: generator D3, selector key SK, escapement wheel S3,armature L1, magnet EM7, generator D3;

Circuit No. 6: generator D3, selector key SK, escapement wheel S4,armature L2; magnet EM8, generator D3;

Circuit No. 7 generator D3, selector key SK, stationary commutator F2,escapement wheel-S3, polarized magnet PM6, magnet EM9, generator D3;

Circuit No. 8: generator D3, selector key SK, stationary commutator F3,escapement wheel S4, polarized magnet PM7, magnet EMlO, generator D3.

PM7 and EMS, PM6, EM7, EM9, and EMlO are solenoid magnets. PM6 and PM7are polarized electromagnets and operate only when current is flowing inone direction therethrough. These solenoids are employed for the purposeof lifting plungersassociated therewith upon which a switch blade ismounted. v

Circuit No. 5 carries current from the generator D3, which flows onlywhen S3 is locked'by L1, and an SK key is pressed. This current causeselectromagnet EM7 through its associate lever armature 36 to stoprotation of the escapement'wheel S1 at such a point that the commutatorA1 which is carried by the same shaft as the escapement wheel, is in aposition to allow current to flow from the generator D2 through thecircuit No. 2, heretofore described. Current flows through the circuitNo. 2 until electromagnet EMl pulls the lever armature L1 and unlocksthe escapement wheel S3. This breaks circuit N0. 5 at L1 and thusreleases S1. When the electromagnet EMl pulls the lever armature L1,electromagnet EM2 should pull the lever armature L2 and unlock theescapement wheels S4.

Circuit No. 6 carries current from the generator D3 which flows onlywhen the escapement wheel S4 is locked by the lever armature L2 and anSK key is pressed. This current causes electromagnet EMS through itsassociated lever armature 37, to stop rotation of the escapement wheelS1 at such a point that the commutator A1 is in a position to allowcurrent from the generator D1 to flow through circuit No. 1. Currentflows through the circuit N o. 1 until the electromagnet EM2 pulls thelever armature L2 and unlocks the escapement wheel S4. This breakscircuit N o. 6 at L2 and thus releases S1. When the electromagnet vEM2pulls the lever armature L2, the electromagnet EMl should pull leverarmature L1 and unlock the escapement wheel S3.

This double provision for unlocking the escapement wheels S3 and S4 ismade because frequently one will be locked when the other is not, andcurrent cannot flow through one lock to unlock'the other, which islocked.

The flow of current that must pass through circuits Nos. 1 and 2 tounlock the escapement wheels S3 and S4 passes on to the selector circuitheretofore described of the receiving instruments. This current unlocksthe escapement wheel S5 by operation of the electromagnets EM3 and L3and unlocks the escapement wheel S6 through the electro-' magnet EM4 andthe lever armature L4. In this manner the escapement wheels S3 and S5are unlocked so that they can rot-ate in unison with each impulse ormomentary fiow of current from the generator D2. The escapement wheelsS4 and S6 are unlocked so that they may rotate in unison with eachimpulse or momentary flow of current from the generator D1.

Circuit N o. 7 carries current from the generator D3 which flows onlywhen one of the SK keys is pressed, and a brush 40 in this circuitcarried by the escapement wheel S3 is on one of the segments 42 of astationary commutator F2, which segment is connected with the key SKwhich is pressed. There is one segment. for each horizontal row of SKkeys. Let us assume that the U. S. Steel key SK is in the ninthhorizontal row, from the top. In the present installation, we willassume that each horizontal row of the keys is connected with a segmentof the commuta: tor F2, there bei g twenty segments and twenty rows.

When the escapement wheel S3 rotates from a locked position to the ninthsegment of the stationary commutator F2, current will flow through thecircuit No. 7. This current will cause the polarized magnet PM6 to openthe switch W3 and. also cause the electromagnet EM9 to close a switchW4.

The switch W4 is normally open. Upon opening the switch W3, circuit No.2 is broken and thus stops the momentary pulsating flow of current fromthe generator D2 in this circuit. This stops rotation of the escapementwheels S3 and S5 upon the ninth segment of the stationary commutator F2,and of the stationary commutator F4, similar in construction to thecommutator F5 of the receiving instrument.

Circuit No. 8 carries current from the generator D3 only when an SK keyis pressed,

nd. the brush 43 forming a part of that circuit is upon the segment of astationary commutator F3, similar to the commutator F2, which isconnected with the key SK that is depressed. The key for U. S. Steelwhich we shall assume is pressed, and which is shown in Fig. 1, is inthe fifth vertical row from the left side. Each vertical row of keys isconnected with a segment of the stationary commutator F3, there beingtwenty segments and twenty vertical rows. When the escapement wheel S4rotates from a locked position to the fifth segment of the stationarycommutator F3, current may flow through circuit N o. 8. This currentcauses the polarized magnet PM7 to open the switch W2 and also causesthe electromagnet EMlO to close a switch W5similar to the switch W4. Theswitch W5 is normally open.

Opening of the switch W2 breaks circuit No. 1 and thus stops thepulsating current from the generator D1 in the circuit. This stopsthe'escapement wheels S4 and S6 respectively upon the fifth segments oftheir associate F5, (see Fig. 2). F5 is a commutator similar inconstruction to the commutator The selector parts of thesendingfinstrument and-the receiving instrument are now in a positionfor printing upon the tape for U. S. Steel, common.

Referring to the receiving instrument, it will be noted that in Fig. 3 Ihave shown three conductor bands, B1, B2, and B3, which circuit. uponthe periphfob stationary commutators F3 and i insulating material, sothat brushes 45, which are arranged to bear upon the peripheral wall,will contact with the band for 300 and will bear upon insulation duringthe remaining 60 during rotation of the bands. Current for the motorcircuit is provided in a generator D4. This circuit consists in anelectromotor M2 and three bands B1, B2, and B3 in parallel, so thatrotation of any one of the bands B1, B2, or B3 to contact with theirassociated brushes 45 will close the circuit and cause rotation of themotor The bands B1, B2, and B3 are so mounted with respect to theirassociated escapement wheels S5, S6, and S7, as to lie with theinsulation thereof in engagement with their associate brushes when theescapement wheels are locked by their lever armatures L3, L4 and L5respectively. When either S5 or S6 isunlocked, as explained above, andstarts rotating, current flows from D4 through B1 or B2 and rotates themotor M2. The friction clutchC3 is disposed between the motor M2 and theescapement wheel S7, Which is mounted upon the shaft 47. The clutch C3ermits the motor M2 to rotate without turn mg the shaft 25. Theescapement wheel S7 is usually locked and thus prevents rotation of thetape through the gears 47 and 27 (see Fig. 6) until it is unlocked, asexplained later. When both S5 and S6 have returned to locked positions,current for M2 cannot flow through B1 or B2. It will be observed that isplaced upon the shaft 25 with its insulation opposite the lockedposition of S7 so 'current can flow through it until S7 returns to itslocked position.

,The next stepin the operation of my improved device for indicatingmarket quotations is that of pressing one of the type keys on the typekeyboard, three of which are.

shown and labeled TK in Fig. 1. When any key on a type keyboard ispressed, it is locked and remains pressed until after the printingmechanism hereinafter described is operated, by any well known lockingdevlce.

Pressing any key on the type keyboard allows current to flow through twocircuits as follows:

' Circuit No. 9: ground E1, generator D2, switch W1, type key TK,escapement wheel S2, armature'L, magnet EMll, main line 2;

Circuit No. 10: generator D3, selector key- SK, brush wheel F,stationary commutator F1,'type klely TK, magnet EM12, polarized magnet P8, switch W5, switch W4, generator D3.

Circuit No. 9 carries current from the generator D2 which flows onlywhen a TK key is pressed, the switch W1 is closed, and the escapementwheel S2 locked by its lever armature L. This currentcauses theelectro-' magnet EMll to pull thelever armature L and thus unlock theescapement wheel S2. This stops the flow of current in circuit N0. 9.The flow of current in circuit No. 9 is transmitted through the typeline or line 2 to the type circuit of the receiving instruments, whereit causes the electromagnet EM5 to pull the lever armature L5 and thusunlock the escapement wheel S7. 7

The electromagnet EM6 cannot close the switch V6 because of the radiallyextending stop member 50, carried by the shaft 25' which engages with adepending hookshaped member 51 associated with the switch blade W6. Inthis way the escapement wheels S2 andv S7 are unlocked and start key anda TK key are pressed, and F1 has.

rotated so" thatv the conductor. from the pressed SK key is connectedthrough F1 with a conductor to the pressed TK key, and switches W4 andW5 are closed.

With reference to Fig. 4, it will be noted that the U. S. Steel tape isat the top of the board and that tapes for various other stocks aredisposed in horizontal rows across the board. The U. S. Steel tape isindicated at 52 of the board 53.

When the escapement wheel S7 is locked, the character 1 of the t pechain 30 is opposite, U. S. Steeltape, see Fig. 5). There are twenty-sixcharacters and spaces upon the type chain 30 so that if S7 rotatestwentytwo notches, i. e., so as to cause the type chain 30 to movetwenty-two characters, the character 5 will be opposite U. S. Steel, andcurrent can also flow through circuit 10.

If it were desired to print 5 upon the American Can tape, which is belowthe U. S. Steel tape, have to rotate twenty-three notches. All tapes inthe same relative positions to the characters upon the type chain 30, asU. S. Steel is to the type chain, are in position 1, and their SK keysare connected with the same brush onFl.

The American Can tape is in the second position and its SK key isconnected to the second brush on F1. The flow of current in the circuit10 causes the polarized magnet PMS to pull its armature and stop theesca-pement S2 stops so that the commutator A2 allows a longer flow ofcurrent over the circuits 3 or 4, depending upon the position of thecommutator A2. This current is conducted to the type circuit through theline 2 and the ground, and causes electromagnets 'EM6 to close theswitch W6 in the local circuit.

This local circuit consists in the following:

Battery BT, switch W6, escapement Wheel S6, stationary commutator F5,polarized the escapement wheel 7 would.

wheel S2. The escapement wheel magnet PMS), stationary commutator F4,escapement wheel S5, battery BT.

Current in the local circuit flows only when the switch IVS is closedand the brushes 54 and of the escapement wheels S5 and S6 respectivelyare upon the conductor segments of their stationary conductors F4 and F5respectively. The flow of current in the local circuit causes thepolarized magnet PM9 for U. S. Steel to attract its armature upon whicha platen 61 is mounted to print 5 upon the U. S. Steel tape 52.

When PM9 releases its armature 60, the spring 62 rotates the roller S8one space, so that the tape is ready for the next character to beprinted.

There is a polarized magnet PM9 for each tape upon the board. Thesemagnets are all connected in parallel in the local circuit be- 7 tweenF5 and F4. They'are connected in such a way that between any one segmentof F5 and any one segment of F4 there is only one magnet PM9. T we thecombination in the local circuit of any particular segment of F5 and anyparticular segment of F4 determines the tape to be printed upon.

Circuit No. 10 causes EMlQ to attract its armature 64, thus releasing TKkey 5. This shows to the transmitting operator that 5 has been printedupon the U. S. Steel tape.

When the operator presses TK keys 1, 0, 6, '7 and space, one after theother is released. These characters are printed upon the tape in thesame manner that the character 5 is printed.

If no further keys are pressed, the escapement Wheels S2 and S7 rotateto locked POST. tion.

The next operation is that of pressing the release strap 36 of theselector keyboard.

The release strap releases U. S. Steel key SK which brea s circuits 5,6, 7, 8, and 10. Breaking circuits 7 and 8 allows switches W3 and WC toclose, and 4 and V5 to open.

" Closing switchesl/V?) and VVQ allows current to flow through circuits1 and This permits the whole system to go back to its normal position.The operator neXt opens swi ch W1 and then stops the motor M1.

I claim:

1. In a device for indicating market quotations, a transmitting station,a remote receiving station, a selector keyboard at said transmittingstation, a plurality of tapes at said receiving station, a selectormechanism comprising selector elements at the transmitting and at thereceiving station, means for actuating said selector elements to operatein synchronism, said last named means being actuated by the depressionof a key on the se lector keyboard, whereby one of the tapes at thereceiving station is selected, a printing mechanism at the receivingstation for printing a selected tape, and a type selecting keyboard atsaid transmitting station for selecting the type and for actuating theprinting mechanism.

2. In a device for indicating market quotations, a transmitting station,a remote receiving station, a selector keyboard at said transmittingstation, a plurality of tapes at said receiving station, a selectormechanism comprising normally locked selector elements at thetransmitting and at the receiving station, means for unlocking andadvancing said selector elements to operate in synchronism, said lastnamed means being actuated by the depression of a key on the selectorkeyboard, whereby one of the tapes at the receiving station is selected,a printing mechanism at the receiving station for printing a selectedtape, and a type selecting keyboard at said transmitting station forselecting the type and for actuating the printing mechanism.

3. In a device for indicating market quotations, a transmitting station.a remote receiving station, a selector keyboard at said transmittingstation, a. plurality of tapes at said receiving station, a selectormechanism comprising normally locked selector elements at thetransmitting and at the receiving station, means for unlocking,advancing and stopping said selector elements to operate in synchronism,said last named means being actuated by the depression of a key on theselector keyboard, whereby one of the tapes at the receiving station isselected, a printing mechanism at the receiving station for printing aselected tape, and a type selecting keyboard at said transmittingstation for select ing the type and for actuating the printingmechanism.

4. In an apparatus for indicating market quotations, a transmittingmechanism, a recciving mechanism, said receiving mechanism including aplurality of stock selecting magnets, a pair of complementary selectorsfor selectively preparing circuits for said magnets, means responsive toconcurrent positive and negative impulses for respectively operating themembers of'said pair of selectors concurrently to different or likeextents, each selecting device including a. brush and a plurality ofcooperating segments connected to the terminals of said magnets,

means connecting said brushes to the terminals of a source of electricalenergy, and means in the transmitting mechanism for transmittingpositive and negative impulses concurrently over a single line wire tothe operating means for the selectors.

5. In an apparatus for indicating market quotations, 2. transmittingmechanism, a re ceiving mechanism, said receiving mechanism including aplurality of stock selecting magnets, a pair of complementary selectorsfor selectively preparing circuits for said magnets, means responsive toconcurrent positive and negative impulses for respectively operating themembers of said pair of selectors 6. In an apparatus of the characterde-' scribed, the combination of a transmitting mechanism includingstock selection keys, means for concurrently transmitting series ofpositive and negative impulses under control of said keys over a singleline Wire, a plurality of digit keys, means for transmitting concurrentseries of positive and negative impulses under conjoint control of saiddigit keys and stock selection keys over a single line Wire, a receivingmechanism including, a plurality of printing magnets, electrical meansresponsive to positive and negative impulses transmitted under controlof the stock selection keys for selectively preparing circuits to any ofsaid magnets, a tape for each stock, a type carrier, means responsive topositive and negative impulses transmitted under control of the digitkeys and the stock selection keys for adjusting said type carrier tobring any desired character into printing position with any desiredtape, and means operated automatically in response to adistinctiveimpulse' sent by the transmitting mechanism after said typehas been set'for completing the selectively prepared circuit through aprinting magnet.

7. In an apparatus of the character described, the combination of atransmitting mechanism including stock selection keys, means forconcurrently transmitting series of positive and negative impulses undercontrol of said keys over a single line Wire, a plurality of digit keys,means for concurrently transmitting series of positive and negativeimpulses under conjoint control of said selection keys and said digitkeys over a single line Wire, means automatically controlling thesubsequent transmission of a long impulse over a single Wire, areceiving mechanism including a plurality of stock selecting magnets,electrical means responsive" to positive and negative impulsestransmitted under control of said selection keys for selectivelypreparing circuits to any of said magnets, a printing mechanismincluding an impression hammer for and operated by each of said magnets,a tape for each of said hammers, a common type carrier cooperating withall of said tapes, means under control of positive and negative impulsestransmitted under conjoint control of said selection keys and said digitkeys for controlling the type carrier to present any desired characteropposite any desired tape, and means operated by said long impulse afterthe type carrier has been controlled for closing the prepared circuit tothe magnet operating the impression means associated with the desiredtape.

8.- The combination of a transmitting mechanism, a receiving mechanism,stock selecting means in the receiving mechanism, a plurality of meansalso in the receiving mechanism responsive respectively to concurrentpositive and negative impulses for selectively controlling the operationof said stock selecting means, stock selecting keys in the transmittingmechanism, and means set in operation upon depression of a stockselecting key for causing the concurrent transmission of positive andnegative impulses to effect selection of the stock selecting meanscorresponding to the key depressed.

9. In an apparatus of the character described, including a transmititngmechanism, a receiving mechanism including a plurality of stockselecting means and a plurality of means responsive to concurrent seriesof positive and negative impulses for selectively controlling theoperation of said stock selecting means, stock selection control keys inthe transmitting mechanism, means for concurrently transmitting aplurality of series of positive and negative impulses under control ofsaid keys to said plurality of responsive means in the receivingmechanism, and means operable under control of said keys for opening upcircuits over which the positive and negative impulses are respectivelytransmitted after the required number of positive and negative impulseshave been transmitted. Y

10. The combination of a transmitting mechanism including an itemkeyboard, a character keyboard, transmission mechanism adapted when setin operation to automatically transmit impulses under control of saidkeyboards, a. receiving mechanism including an electromagnetic devicefor each item, complementary means responsive to impulses transmittedunder control of said item keyboard for selectively controlling theoper* ation of said devices, means bearing indicia corresponding to thekeys on the character keyboard, and meansresponsive to impulsestransmitted under control of said character keyboard for adjusting saidcharacter bearing means, said electromagnetic device causing theselected indicia to be displayed in a distinctive location on a displayboard.

11. The combination of a transmitting mechanism and a receivingmechanism, an adjustable type carrier in said receiving mechanism, aplurality of tapes associated With'said type carrier, an impressionmeans associated With each tape, means in the receiving mechanismresponsive to impulses transmitted by said transmittin mechanism forselectively positioning any desired character on said type carrieropposite any desired tape, and means set in operation automaticallyafter said adjustment has been made, for operating the associatedimpression means.

12. The combination of a transmitting mechanism and a receivingmechanism, an adjustable type carrier in said receiving mechanism, aplurality of tapes associated with said type carrier, an impressionmeans associated with each tape, means in the receiving mechanismresponsive to impulses transmitted by said transmitting mechanism forselectively positioning any desired character on said type carrieropposite any desired tape, means set in operation automatically aftersaid adjustment has been made, for operating the associated impressionmeans, and means set in operation automatically after the impression hasbeen effected for normalizing said type carrier.

13. The combination of a transmitting mechanism and a receivingmechanism, an adjustable type carrier in said receiving mechanism, aplurality of tapes associated with said type carrier, an impressionmeans associated with each tape, means in the receiving mechanismresponsive to impulses transmitted by said transmitting mechanism forselectively positioning any desired character on said type carrieropposite any desired tape, means for automatically operating theassociated impression means after said adjustment has been made, meansfor automatically normalizing said type carrier after the impression hasbeen efl'ected, and impression means and type selecting keys controllingsaid transmitting mechanism to transmit impulses under control of saidtape selecting keys to selectively control the operation of saidimpression means and to transmit impulses under conjoint control of saidimpression means selecting and type selecting keys to selectively adjustsaid type carrier to present the desired character opposite the desiredtape.

14. The combination of a display board including a plurality of tapesand an impression means associated with each tape, electromagneticallyoperated means for selecting any impression means for operation, a typecarrier, electromagnetic means for controlling the adjustment of saidtype carrier to present any desired character opposite said selectedimpression means, a transmission mechanism, a keyboard comprising keysfor controlling said transmission mechanism to automatically transmitimpulses to con-- trol the operationv of said first electromagneticallyoperated means to efl'ect selection of any desired impression means,keys for controlling said transmission mechanism to automaticallytransmit impulses to control.

the operation of said second electromagnetic means to effect selectionof any desired type character on said type carrier, and means operableunder conjolnt control of said sets of keyboards for controlling saidtransmission mechanism to automatically transmit impulses to said secondelectromagnetic means to cause said desired type character to bepositioned opposite to said selected impression means.

15. In a receiving apparatus of the character described comprising adisplay board including a plurality of tapes, type carrying means, animpression means associated.

with each tape, a transmission mechanism located at a distant point, andmeans in the receiving apparatus responsive to impulses transmitted bysaid transmission mechanism for selectively positioning anytypecharacter on said type carrying means successively opposite a pluralityof said tapes and for selectively operating any one of the associ atedimpression means,

16. The combination of a display board inin cluding a plurality oftapes, a single type carrier adjustable to present any one, of itscharacters opposite any one of saidtapes,

a keyboard comprising a set of keys corresponding to said tapes and aset of keys corresponding to said type characters, a transmissionmechanism operable to transmit a continuous series of impulses underconjoint control of said sets of keys,'means responsive to said impulsesfor moving the type carrier v to present the type charactercorresponding to the depressed key of the second set opposite the tapecorresponding tothe depressed key of the first set, and means forautomatically effecting an impression from said type character on saidtape after adjustment of said type carrier has been completed.

17. The combination of a plurality of tapes for receiving printedimpressions, a type carrier cooperating with said tapes, a set of keyssired type cooperates with the desired tape.

18.. The combination of a plurality of tapes for receiving printedimpressions, a type car'- rier cooperating with said tapes, a set ofkeys corresponding to saidtapes, a set of keys corresponding to the typeon said type carriei', means for transmitting current impulses to adjustsaid type, and a circuit made bya key in one set and a key in the otherset for controlling the current impulses transmitted by saidtransmission means topositionany desired type opposite to any desiredtape.

19. The combination of a pluralityof tapes for receiving printedimpressions, a type carrier cooperating with said tapes, a set of keys 7corresponding to said tapes, a. set of keys corresponding to the type onsaid type carrler, means for transmitting current impulses to adjustsaid type, a circuit made by a key in one set and a key in the other setfor controlling the current impulses transmittedby said transmissionmeans to position any desired type opposite to any desired tape, andmeans for automatically efi'ecting an impression from said type on saidtape.

20. The combination'of a plurality of tapes for receiving printedimpressions, a type carrier cooperating with said tapes, asetof keyscorresponding to said tapes, a setof keys corresponding to the type onsaid type care the; board I and the number of, digits in -th numericalsystem employed. v I,

23. The combination of a display board comprisiingca plurality of tapes,type carrying means associated Wltll said tapes, electro-':;

rier, means for transmitting current impulses to adjust said type, acircuit made by a key in one set and a key in the other set for con- 7trolling the current impulsestransmitted by said transmission means toposition any desired type opposite to any desired tape, means forautomatically eflecting an impression from said type on said tape, andmeans for releasing a depressed key in the second set after impressionhas beenefiected'.

21. The combination of a plurality of tapes for receiving printedimpressions, a

type carrier cooperating with saidtapes, a set x of keys correspondingto said tapes, 3; set of r keys corresponding to the type'on saidtypecarrier, means for transmitting current 1mpulses to adjust said type, acircuit made by a key in one set and a key in the other setforcontrolling the current impulses transmitted by said transmission meansto positioncan'y desired type opposite to any desired-tape, 1 means forautomatically efl'ecting an impression from said type on said tape,means for releasing a depressed key in the second set after impressionhas been efi'ected, and 7" means for automatically normalizing saidtransmission means and said typecarrier;

22. The combination of a transmitting mechanism and a pluralityof'distant receiving mechanisms, each receiving mechanism including adisplay board for displaying price changes as to a large number ofstocks, a plurality of keys for controlling the transmission mechanismto transmit impulses for selectively displaying any price change in anyposition on said display boards. means. in each receiving mechanismresponsive to said impulses for causingsaid price change'to be displayedin any desired position on said board, means for maintaining the displayof a plurality of the last of successive price changes in saidpositions, and an electrical connection between said transmittingmechanism and said receiving mechanismoyer which said impulses aretransmitted, said connection comprising a much smaller number ofchannels, than the number of positions on

